 Good afternoon from Geneva. Good morning in the United States. Good evening in Cairo. And we have a great pleasure to welcome you to what I think is maybe the most important discussion this week is how we're going to stop our planet from being on fire. We saw it in the World Economic Forum's risk report that was presented a week ago that also leaders now look at climate change as the most important and the most really scary challenge and risk that we are faced with, but all concluded with the cost of inaction far exceeds the cost of action. And why are we not moving? We will have a great opportunity to discuss this today and we know that there are clear solutions there. When we went into Paris and Secretary Kerry will know that we were on a four-degrees track. After Paris, we saw a three-degrees track. After Glasgow, we're closer to two degrees, but no, we have to get down to 1.5 degrees zero. We have an incredible cost here with leaders with us today working at the forefront of the climate agenda. With them, we hope to first review the state of play in climate innovation and priorities because we need to see breakthroughs when it comes to use an application of technology. Two, we also would like to discuss exciting developments in the climate innovation from the First Movers Coalition to the Catalyst Program. And three, hear about key actions that governments and businesses are taking to ensure that momentum and climate carries into COP 27, hosted by Egypt. We also see that the private sector is really now playing a more and more proactive role. Two years ago, we had very few companies that were committed to a net zero. No, we have hundreds of them and increased with three times only the last years. And we have the Climate Leaders Group at the World Economic Forum with more than 120 companies really, really committed. The panelists, as you can see, I think you know most of them from before. They're really, really great. We have Secretary Kerry with us. He is formerly Secretary of State of the US, but now the climate lead for the US. Her Excellency Yasmin Fuad, Minister of Environment of Egypt, and Egypt is holding its hands around COP 27. We have Anna Borg, President and CEO of Wattenfall, Sweden, also a real climate leader. And last but not least, Bill Gates, among a lot of other things, founder of the Breakthrough Energy Foundation. A warm welcome to the panel. Let me start with you, Secretary Kerry, there, John. Good to see you there. You played such a pivotal role both in Paris but also in Glasgow to get an agreement. I would like to hear from you. Where do we stand at the beginning of 2022? What and how can we achieve what we had set out and how are we going to use also the COP 27 to build on the successes from Glasgow? Welcome, John. Well, thank you very much, Borg. Thank you for the leadership that you've shown on this issue, particularly but on a number of critical topics that we face. And I'm really delighted to be part of this panel with Anna, who is a key member of our First Movers Coalition and also Bill Gates, who's been spectacular in his Breakthrough Catalyst efforts and is also the primary intermediary with respect to the private sector on the First Mover Coalition. And, of course, Yasmeen, Flood, thank you for your leadership already shown and yet to come as we go to COP 27. So, Borg, I would say that I think most people are aware of this because Mother Nature has been sending us pretty dramatic and sometimes violent messages about the intensity that is now reaching us with respect to the climate transformation. So everybody is aware that this is happening and it's happening at record pace and the dangers mount. They don't completely diminish. But I think most people would agree that in Glasgow there was a very significant increase of ambition on a global basis. Did it reach the level that we absolutely need? No. But it was a very significant increase. We have 65% of global GDP now committed to real plans that are judged to be real if people do the things they say they're going to do to hold on to 1.5 degrees as a possible achievement in terms of the rise of temperature on the planet. And in addition, we had 109 countries sign up to a methane pledge to reduce the levels of methane globally by 30%. That's not each country, but globally. And if those 109 countries do what they said they're going to do, it would, as the IEA has pointed out, be the equivalent of every automobile in the world, every truck in the world, every plane in the world, every ship in the world, all getting to zero emissions by 2030. That's a gigantic reduction. It's equivalent of saving 0.2 degrees of warming in and of itself. So in addition to that, we had an agreement that we come back next year and those who didn't raise their NDCs or haven't submitted NDCs, their national determined contribution, have to set targets and reduce them. In addition, we had the unprecedented level of private sector engagement in this issue and in the process. And in the end, I think most of us feel very strongly that no government in the world has the amount of money we need to affect this transition. This has to happen by virtue of the private sector being engaged and it will be private sector investment and private sector discovery more than anything else, together with government helping to set the construct and particularly on research. But that's what's going to get us out of this hole. We also had an agreement on something called the Rule Book. It's archaic, but it actually is critical because it sets the rules for transparency, for trading, for carbon pricing, so to speak, in a broader way, though it doesn't set a price, but it sets the rules for how that can be managed. And we also came up with a major decision led I think by the G7 initially that the funding of external funding of coal is going to end. So we're going to accelerate the transition from coal despite the fact that there is a temporary move now because of the pricing problem and gas in Europe and so forth, but I think that is temporary, frankly. So, and in the end, the U.S.-China agreement saw China agree for the first time to accelerate the efforts to reduce coal consumption by 2026 and sooner, if possible, to work with the United States in a joint working group towards that effort and also to submit this year a major climate action plan to reduce methane and that has to be submitted to the COP 27. So, and that's just scratching the surface. There's a myriad of individual initiatives like the First Mover Coalition and deforestation and other things that came out of Glasgow. So bottom line, Glasgow was a huge step forward, but we also know no one is moving fast enough. The world has to really pick up the pace and that conversation is going to be augmented by what we're talking about here today because the good news is that there was a record level of private sector VC investment, about $40 billion during 2021. There was also, I think, the climate tech companies actually created more shareholder value than the NASDAQ index, and the U.S. federal government is investing some $20 billion in clean energy technology demonstrations. The bad news is that governments are investing far too little in clean energy technology itself in the research, the development, and the demonstration and most technologies, whether it's transportation or battery storage or direct carbon capture. I mean, there are a host of technologies, but the fact is that at 46 critical technologies that will play a role in 50% of the reductions of emissions we need to get in the next 10 years, 44 of them are not moving fast enough. And that's the core discussion that we're going to share on this panel, and I look forward to it. Thank you so much, Sean. We will definitely come back to that, and I would also like to use the opportunity to underline your leadership both in Paris and in Glasgow. I saw it myself, both places, and if it wasn't an agreement between you and Special Envoy, Chair from China at the last moment, I think we wouldn't have seen this kind of agreement in Glasgow. But then, let me move over to you, Minister Yasmin Fuad. You will have the leadership of the COP 27. Is it possible to raise the ambitions further? And what is the goal of the COP? Because now it's really about how to deliver on the commitments that we took on. Minister. Thank you very much. It's a pleasure to be on this panel in a very critical circumstances that the world is still facing with the COVID. Pleasure to be here with the State Secretary Kerry once again. As being mentioned, Glasgow did have huge steps moving things forward with the Paris Agreement, either on achieving issues that were long discussed, such as starting the World Programme on the Global Goal on Adaptation from Glasgow to Sharma Shaykh, and that's one thing that Egypt would like to continue working on, especially with the UK, Egypt, the Legion on Adaptation and Resilience, and how can we ensure that the finance that has been focusing on adaptation will be accessed and on the ground. Secondly, the agreement on the collective goal on finance and starting that discussion, continuing on discussing with different parties and countries to the convention on the submission of the NDC, the ambitious one. Egypt is now updating its NDC that will be ready during the first half of this year as a submission to the upcoming COP 27. Finally, what we see is really important is to continue raising the ambition on the different fronts on submission of NDC, getting more efforts towards mitigation and more efforts towards adaptation, as well as discussing how further the commitments and the pledges that is much appreciated from the partners that has been announced in Glasgow will be really materialized and go further into the COP 27 and much more, how can we accelerate that action with the full participation of the youth and the civil society and the private sector. Needless to mention that it's always welcomed after Paris to have that pre-COP with half of that informal consultations with fellow ministers on the discussion of the upcoming COP and half of it is for the youth. Egypt is keen and was keen since the World Youth Forum in its fourth edition took place a week ago to have that session on climate change and before that there was a two-day session with the workshop, with the youth around the world to discuss how innovation technologies can be presented in the upcoming COP 27. What are their ideas that the youth can do even at the level of a startup of projects that would be important to be tackled especially at the level of the local community and the most vulnerable one. And thirdly, trying to prepare for that two-day workshop and one-day session where our Prime Minister in his capacity as the head of the National Council for Climate Change as well as the head of the Organizing Committee for the COP would take that over to the pre-COP. These are some of the steps that Egypt would like really to look and take over to the COP 27, keep the momentum going, but keep it as strong and as quick as we can all collectively work together. Over to you, thank you. Thank you so much, Sokran Minister. Thank you for your leadership. We're moving now into the segment of how technology and innovation will play a major role. It's a prerequisite and who is better to speak on that than Bill Gates? Bill, you have shown global leadership on vaccines in the past. No, it's about breakthrough energies and how are we going to make commercially available the technologies that will bring us down to 1.5? Over to you. Yes, so we can look at emissions in terms of the sector of emissions, you know, electricity generation, industrial transport, and in many of those areas the cost of being green, avoiding emissions is still extremely high, in which we call a high green premium. And as John said, Glasgow was exciting not because we actually solved the problems but because the breadth of private sector companies showed up with the willingness to get involved in solving those problems. And, you know, that's, as we draw people into this First Movers Coalition, those are companies that are willing to both help design projects that will scale these things up and break costs down and be customers of those green products. You know, we need all the leading companies to come into First Movers. And then we have to fund projects starting actually literally this year in the hard areas. That includes green hydrogen, direct air capture, fuel for aviation, and long duration storage. So I think the World Economics Forum is a place where governments and leading businesses can come together, particularly the ones that are committed to these climate goals and as was said, that's more and more of these companies. In the end, it really does come down to economics. The dirty way of making things is very mature. You know, whether it's steel or cement or aviation fuel and we have to, you know, make it far more economic. As John said, the investment now in those breakthroughs is at an all time high. You know, we went from 2015 where there was very little money going into these things. Now we have over 10 times as much. And so pairing those new technologies up with the big companies that have skills to build those things at scale. I see that as the urgent agenda. That's where Breakthrough Energy Caledonist is working with each of the members of the First Movers Coalition to say, okay, what projects can we start and fund that will bring those costs down? So, you know, we've got now a framework for how to draw them in. And thank you so much, Bill, for joining the First Movers Coalition in Glasgow. And John, for me, with you and President Biden, they're taking the lead together with the forum and companies using the purchasing power of the big buyers of the world to green their supply chain and say, if you're going to buy your products in the future, you have to reduce your CO2 footprint, or we will not buy. This is using really the power of the big purchasers. So, John, thank you for that. And I guess you have more ideas on how to mobilize the private sector in the years to come. Well, Berger, thank you. Look, the challenge is very, very clear. The emissions have gone up, actually. In 2021, the world used 9% more coal than we did in 2020. And nearly 300 gigawatts of new coal power is in the construction pipeline right now. And coal is the dirtiest fuel, and in most places, it's unabated. So, we're feeding the very problem that we're trying to solve at the same time. And we've also been subsidizing it, I might add. About $2.5 trillion over the last five years has gone into subsidize the problem because that's what goes to fossil fuel. Far more money by multiples over what's gone into renewables. So, we've got to change this. We need a dramatic shift in how governments are behaving and how the world is behaving. And what Bill and others have done, Anna Borg, who's here with Vattenfall, have set an example about the ways in which we can move. If we have 65% of global GDP on board, ready to move to the 1.5. And by the way, the IEA showed that if you dip all of the promises made in Glasgow and they are in fact carried through to 2050, you'd actually have lowered the Earth's temperature to around 1.8 degrees, so close to 2, yes. But the goal is 1.5, so we have to do more and move faster. That means bringing the other 35% of global GDP on board. 20 countries equal 80% of all emissions. 12 of those countries are among that 65% that says we're going to get on track to do 1.5. So, our target universe now, in terms of shifting rapidly, is frankly about eight countries. And we know that China, we've heard from President Xi in the last days, and he's committed to continuing to work globally to try to deal with this, and we've entered some sort of a partnership to begin to do it. But we have to help countries be able to wean themselves from coal. It's not enough just to sit here today and say, hey, you've got to get off coal. How? How are they going to do that? In South Africa or Indonesia or India, where they have a huge percentage of their energy base, comes some coal. How do we move them more rapidly? Well, in the case of India, India has made its own decision. President Biden and Mr. Modi has committed that they're going to try to deploy in the next 10 years 450 gigawatts of renewable energy. And we have formed a partnership with India, with other countries, to come to the table and try to bring finance and technology to the table to try to work together as partners to effect that transition as fast as possible. So what do you put in the place of the coal? You can't ask any country, they're not going to. You can ask them, but they're not going to just shut down their economy. So you've got to find a way to transition rapidly. That's what Bill is working on. He's pushing the limits of how fast could they find out whether there is a small modular reactor or a different form of reactor that is emissions-free that could be built in standardized fashion and deployed around the world rapidly to take the place of coal within this 10-year framework. But many, many countries, Berga, could quickly be deploying far more renewable energy. And many countries are now getting up to 70% of their entire energy base, 80%, 90% in some cases is coming from renewable energy. And as battery storage or other kinds of storage or other kinds of energy comes online, we have an ability to be able to keep economies humming even as we make the transition. So the first mover coalition is a really interesting concept whereby people in the marketplace are making decisions voluntarily that they're going to set an example by predetermining demand by saying if you are ready to provide a certain amount of clean energy fuel for aviation, for instance, Boeing and Delta and United and Apple and Salesforce have all decided that there is a ready market to buy that fuel that is providing an 85% reduction in emissions. And what we need are more companies. We'll talk about what they've been able to do with that. There's one plant in Sweden producing green steel. And now Volvo has agreed they're going to buy 10% of the steel they put into their automobiles will come from green steel. So someone making the green steel says, okay, I've got a willing buyer. That's what happened with COVID, with vaccinations. The government said you make it, we'll buy it. And that's been happening. SpaceX, we have an ability to go into space commercially because the government said if you could provide that ability, we're willing to pay the freight for it. So we're now warming up to that. Merisk, the largest container shipper in the world, has made a decision that they're going to buy. The next eight ships will be carbon-free. So we have 34 leading companies, including the ones I've named and Amazon and others, who have stepped up and they're sending the biggest demand signal in history for innovative technologies in order to decarbonize the hardest to abate sectors in shipping and trucking, aviation and steel. And then we're going to come to other sectors as we build this out the next day. So, you know, the energy agency tells us that 50% of the emissions we have to gain, we have to stop over the next 10 years, are going to come from technologies that are not yet capable of coming to scale. So we need a massive effort of investment by governments and by the private sector to send the message that will accelerate bringing these technologies to scale. And we believe that the WEF, the World Economic Forum, is a partner in this, and it can help enormously to accelerate this transition that we need to make. Thank you, John. Thank you, Secretary Kerry. Anna Borg, CEO of Wattenfall. I don't think you could get a better introduction than you just got from Secretary Kerry. Wattenfall, one of the leading energy producers in Europe. And you have set this clear ambition of net zero, but that also means implementing the new technologies that Bill Gates also mentioned and innovations. So who do you see the way forward and still being profitable? Well, I actually think that it's a lot in our own hands because it comes down to realizing that reality is changing. And you only have to look around you to see that the market prerequisites are changing dramatically. So for us to sort of commit to being net zero in 2040 and also follow the one and a half degree trajectory from the Paris Agreement is very much about our competitiveness. It's not our sustainability strategy. It's clearly our business strategy to do that. And I think there is a tendency to underestimate the risk of not changing when the world around you is changing. So for me, the connection to the business is very clear. And I think that what we need to do is of course to look at our own business and face out our fossil fuels. We are well on the way, but we need to make sure we get all the way. We are investing heavily into fossil electricity production, mainly offshore wind. We are one of the main players. And we could of course have stopped there and say, okay, so we're an energy company. We produce electricity. There's going to be a lot of demand for it. Let's focus on fossil free electricity. But we decided to go beyond and really make sure that we also collaborate with our suppliers and our customers in order to innovate the entire business value chain. And I would like to give a couple of examples of that. The first one is already mentioned here. That's the hybrid initiative where SSAB, LKAB and Battenfall, so steel making mining and energy, went together in order to think about how can we make steel without fossil fuels. And found a process where green hydrogen is used and the footprint, the CO2 footprint is basically erased. And it's not only a good idea or an R&D project, it's actually steel. It's made, produced and sold, as you said, to the Volvo Group, so you can see a piece of it here. And it would definitely have been possible for SSAB to sell a lot more of it if it had been there. So the next step is to make sure we can scale up and go to full commercialization. The second example is a cooperation we have together with Shell Scandinavian Airlines and Landsatek about sustainable aviation fuel, using captured carbon from a biofired heat plant in combination with green hydrogen, again in order to produce electric fuels. A third example is a partnership with the chemical industry BASF, where we jointly build the world's largest offshore wind farm, and they will use part of that output in their business. And then of course, we're also very happy to be one of the founding members of the First Movers Coalition, which very much leads into the total value chains and sort of fosters demand and cooperation around responding to that demand. So of course there are things needed in order to get these going as well. It's not going to happen automatically. And I usually think of what is needed in something I call two plus two. And the first two ones are about the what, and the second two ones are more about the how, because it needs to happen in reality as well. And the what is to make sure that the frameworks are not hindering us on this journey. What I mean with that is that a lot of the current legislation and regulatory framework is set up in order to manage an existing system, which is quite sort of done in balance and very optimized on the margin. And that's not what we're talking about now. We're talking about major transformation in energy, industry, transportation at the same time. And the regulatory framework need to facilitate this and make sure we don't exclude any fossil-free technologies beforehand like small modular nuclear reactors, for example, which can play an important role here. Secondly, the price of CO2 is fundamental for high-pricing or emitting CO2. It's not only shifting the relative competitiveness, but it's also sparking innovation of low emitting technologies. And the trading market for CO2, that is in place in Europe, is one example of how that could be set up. And the second two prerequisites that would be needed in order to get the sort of how rolling has to do with supply chains. Because all of this transformation will require a lot of input. It will require raw materials. If you're going to produce fossil-free steel, you need green hydrogen. If you're going to get green hydrogen, you need green energy. And if you're going to need green energy, you need steel in order to build it. And that steel needs to be fossil-free then. So there is a circular way of thinking about the supply chains that needs to be in place. Also, a supply chain when it comes to people and competencies, because a lot of people with new competencies will be needed in order to make this happen. And lastly, but maybe most importantly, we will need acceptance from people, communities, and societies where this transformation will happen. Because otherwise, we still have the technical capability, the knowledge, and to some extent also the capital funding this. Because although the transformation is massive in numbers, it equals up to somewhere around 2% of global GDP. That is doable. We need to have acceptance for the changes that we need. And then I think it's up to us to make it happen. Because this future is not something that we need to pop up. We need to really, we also have the possibility to do that. So much. Let me go back to you, Bill Gates, because and this topic of breakthrough energies. Because we have in the last decade seen that, for example, the price of solar has fallen to one-tenth. The price of wind has fallen to one-seven. So in many markets, these are competitive, with traditional energy sources. But we really have to scale up this. And your book is also focusing on this. And how are we really going to make it from a fossil-based fuel society into a renewable society? Where do you see the new real breakthroughs? And how are we going to make sure that we set the price on the externalities? How do we internalize the externalities that we are currently seeing in the global energy mix? Well, the rich countries have to play a central role, both funding R&D and having policies, in some cases, carbon taxes will be used to drive the demand for these clean products. And only by doing that in an aggressive way will the economic costs be brought down enough that we can turn to all the middle-income countries and say, okay, change your whole cement industry, change your whole steel industry. And yet, it's not holding you back from your economic growth. The number of companies working on these things is very exciting. And some of them will fail, a lot of them will fail. But we only need a reasonable number, a few dozen of them to make it through, and that's what we have to accelerate. In the power generation area, reliability is very important. When you have a heat wave or a cold snap, when there's a typhoon in Japan, you still want electricity. And so it's a little more complicated in that case than just the cost of renewables. That's super enabling. It's fantastic. But we need to model out those grids because reliability will be super important. So that area still needs work, just like many of the tough areas, particularly industrial processes. But human ingenuity is great. We create the right incentive system, get the private sector companies engaged in this in a deep way. That's what the solution looks like. One of the hardest things mankind has ever done, but worth doing. And I guess since putting a price on carbon is quite controversial, even if you can argue it's common sense. It's not as common in this context. I also then think that this first movers coalition, if you can mobilize the purchasing power of the really big players in the world, like we started with the first movers coalition in Glasgow, how can you see this develop? Can we see a snowball effect here? Well, a lot of these products with very high green premiums, you have a how do you get started problem? Who's going to buy aviation fuel that's twice as expensive? The answer is that rich country governments with carbon taxes and rich companies with their social commitments can bootstrap those markets. And so in its modest volume, that will drive it forward and that modest volume is what will drive the innovation so that we can see the price reductions. As you said, in some areas that's happened in some of the areas it's been harder. But that purchasing power is part of how we avoid the dilemma that there's no market for things with high green premiums. Back to you, John. You mentioned this facing out of subsidies. Today, many countries are using billions of US dollars on subsidizing heavy fossil fuel. That is no part of the agreement from Glasgow. We also know because of the current electricity crisis, for example in Europe and also in India and China we're seeing that coal has increased the demand. How are we going to deal with this kind of increasing energy prices in this situation where we know the cost of not transforming into more green technology and reducing CO2 is so high? John, I think you're immuted. You have to unmute yourself. The host was able to mute me, but I have to unmute myself. You're so tech savvy. There you go. I was saying that the situation with respect to Ukraine and Russia obviously has together with COVID and the lack of supply. And last year's longer winter, colder days in Europe used up more of the gas and it wasn't refilled. There are a lot of reasons for why we're where we are. The bottom line is that the price is up, but it's not going to stay up there forever. So you mentioned one thing, that carbon is in price. Actually there's a kind of reverse horrendous pricing of carbon and nobody accounts for it properly. And it's never been accounted for properly in terms of the real cost of coal because nobody takes into account the current cost we are paying for carbon in what's happening with black carbon and what it's doing to the Arctic. No one is taking into account the black carbon that goes into the lungs of minors around the world to get black lung disease. Nobody takes into account the impact of children who have environmentally induced asthma and are hospitalized in the summer. We spend about 50 billion a year on that in the United States alone. So I can run a whole bunch of costs of carbon, which are on the negative side, not the least of which, the new intensity of tornadoes and storms and fires is costing massive billions of dollars in lost product of forests that burned down that could have been logged and so forth. So we're paying a price for carbon. We're just not doing it smart way. And we've got to change that at some point in time. But what we're trying to do now, and Varga has recognized that solar and wind are in every form of accounting net cheaper than coal and cheaper than gas. Gas is less polluting than coal and gas will be and we accept that it needs to be something of a bridge as we go through this transition. What we don't want to see happen is a huge build-out of gas infrastructure for the next 30 or 40 years unless abatement can come in. If you can capture the carbon, terrific. And that's why a lot of technology effort is now going into carbon capture storage utilization. I just read today about some possibility in Australia where they're turning carbon into solid and there may be some use that they can put it to. I don't know if that's going to work out. I know in Iceland they take carbon and put it into the basalt and mix it with a liquid and it turns into rock. So we're going to find ways to do this. That's what's exciting about this right now. The capacity of human ingenuity to push the curve on discovery is enormous. And Bill Cates is, you know, the present on this panel example of exactly that. And I think we're going to get there. Here's the challenge. Are we going to get there in time? We all know we're operating with this 10-year window that's not imposed by a group of nations in Glasgow. It's scientists who are telling us that you all, you people in power, in positions of leadership have X number of years. It's now about eight to 10, during which you can make and implement the critical decisions that will avoid the worst consequences of the climate crisis. Note, doesn't avoid the crisis, avoids the worst consequences. And we're not even doing that yet. So that's what we have to step up to. And that requires us to make some tough decisions, Borga. And the corporate sector is learning now very rapidly that it's in their interest to have stability in the marketplace, to not have these imposed costs, to not have the disruption of supply chains and so forth. And the result is that I think we're beginning to open up the possibility of winning the battle, providing we do the things that Bill just described, providing governments will put more money into research, basic research, and providing we help less developed, emerging economy countries to be able to make the transition. That's what we're trying to do now. We're turning our operation into an implementation plus effort. We know what we have to do coming out of Glasgow. We know what the goals are. We know how we can get there. We're just not making the decisions to actually do all those things. And so we have to push the process as rapidly as we can. One of the things, let me give you an example. South Africa, we have to rescue Escom, the South African energy entity. We have to, the president Ramaphosa is prepared to transition out of coal, but he's got to have his alternative. And so we have to go down there and finance that alternative, help bring the technology to the table, hold their hands through the transition. We're going to do the same with Indonesia. In Mexico, President Lopez Obrador has shifted his policy and agreed they're going to deploy renewables, tap into geothermal, which is huge in Mexico. They have enormous sun and wind possibilities. So Mexico could suddenly address the problems of their poor and of the distribution of income by beginning to create a massive amount of job by becoming a North and South provider of renewable energy. So that's, you know, the vision we have to bring to the table in these next months, literally, and few years, because the science is exacting. The scientists have predicted all the things that are happening now. And if you talk to them today, there's a recent report on the Arctic, the Arctic report card by NOAA that has come out which should scare anybody in the world. We really are seeing tipping points arrived at and the imperative to move faster could not be more dramatic. So I congratulate Bill on putting his breakthrough energy catalyst is going to deploy some $15 billion to help accelerate this. We need many more philanthropies and corporations and countries to step up to win this battle. Thank you. Thank you, John. This discussion is also followed by a lot of people. I just got a message from Vice President Al Gore that is following us and he reminds us and I think especially to me that we need to cut the emissions by 50% by 2030 and the latest IEA report also shows that the technology is there to do that. So if you're going to reach net zero by 2050, short comment from you, Anna, at the end here and then short comment from you, Minister, who you will bring this discussion also into COP 27. We are running a little bit on overtime, so we will have to be conscious about that. Anna and then Minister. Thank you. I think it's important to remember that although the challenges are huge, so are the opportunities. And I think that as business leaders, we are used to managing and taking risks and I think we need to make that work for us in order to solve this challenge from a climate perspective by finding and building these really profitable business models. It's possible and it is happening. Every time I talk to my colleagues in the first movers coalition, for example, we in addition to discussing how to solve this from a global perspective we also end up talking about the business opportunities we see in our respective businesses and how we can drive this forward together. So for me, this is very much an existential question from a climate and global perspective, but it's also a business topic. It's doable and we can manage this if we utilize the resources we have and the innovations we have and the development that we are making to the purpose of solving this. So I'm actually quite optimistic. Thank you, Anna, and thank you for your leadership. You're part of several of the coalitions that the World Economic Forum has built for its movers coalition, the CO Alliance for Climate, and also we have another coalition that is called Mission Possible with the hard to obey sectors. So Minister Fuad, a rich discussion, a lot that we can build on, building on the momentum in the run-up to COP 27 and also Egypt as a developing country can underline that the consequences of this unsustainable path we are is the price is also paid by a lot of African countries. Over to you, Minister, for closing remarks. Short. Yes, thank you very much. Very quickly because time is running up, I'll try to deliver three important message based on that very interesting discussion. The first one is that, yes, we need to accelerate the action and move very quickly. And as State Secretary Kerry mentioned, there are no time to lose, but also there are some success stories that could be further replicated. One story that maybe could be further advanced during the COP 27 is Egypt and its transition to renewable energy, its story of energy efficiency, the big solar panel of Bamban and now Egypt effort to go into the first green hydrogen project, but more than that, even have more of the six to seven projects to extend and raise ambition on its renewable energy beside its very ambitious plan for the removal of the substance from the energy sector. The second message that is very important is like Glasgow when there was that initiative on the agriculture innovation in climate which Egypt would like to support today because it gives more momentum to the process of what needs to be done at the local level given the high cost of the technology and that's where the local community would like to see the added value. We believe that the innovation in the energy sector how can we bring more partners around the table by bringing those success stories replicating an upscale and yes supporting the emerging markets and the emerging countries for that kind of transition would be a second thing and a third important part to that story is that how can we bridge the gap between what is very important maybe it was not mentioned here but I can see that based on our experience in Egypt especially when we're talking about the structure reform program and how did we create an enabling environment is the linkages between the science the technology how can we make those low cost innovative technology and the policy without having that policy package at the national level and bringing that momentum to the private sector that gap between the science the innovation and its piloting and the policy the acceleration and the road to COP 27 and even beyond would not be as quick as we all need to do that so we need to articulate that during the COP thank you Thank you so much Yes John Literally 20 seconds 30 seconds because the one thing we need to put on the table just to tie this together will cost trillions to do this everybody has said that but there are trillions providing we help in the de-risking and in the blended finance and structures for that that will require a special partnership with the multi-development banks with the businesses of the world and with the governments but that's doable Thank you so much It's a great panel I wish we could have continued for another 15 minutes but you should always end when people wanted to still go on and I think we are in that situation so much more to discuss the run up to COP 27 is also important and the big change for someone that has been following these COPs for more than 20 years is that 20 years ago there was no talk at all about private sector because in many ways also driving garments and putting garments under pressure so that kind of collaboration is very important to be able to meet the 1.5 degrees target Thank you so much to a great panel and see you soon Bye